According to the Relocation.com.ua project, the Cypriot authorities have officially ended the transition period during which foreign investors could still apply for permanent residency under the previous, more lenient conditions. This was announced by the Cyprus Department of Migration, which published a notice on March 3 regarding the cessation of accepting applications under the old criteria under Regulation 6(2).
This refers to a mechanism that allowed some applicants to take advantage of the conditions in effect before the requirements were tightened. Now that this option has closed, new applications must comply with the program’s updated rules, including current investment and compliance requirements. According to industry market reviews, the key condition for third-country nationals to obtain permanent residency in Cyprus through the fast-track program remains an investment of at least €300,000 in real estate or another approved asset; however, applications under the old parameters are no longer accepted.
The decision may affect some of the demand from foreigners who viewed real estate purchases as a way to secure resident status on the island. At the same time, Cyprus’s housing market itself remained stable in early 2026. According to data based on official statistics from the Department of Lands and Surveys, in February 2026, the total number of real estate transactions increased by 11% year-over-year. Cypriot buyers accounted for 866 transactions, EU citizens for 231, and buyers from non-EU countries for approximately 430–440 transactions, or nearly 29% of the monthly volume.
The most notable activity among foreign buyers in February was recorded in Paphos and Larnaca. In Paphos, EU citizens completed 92 transactions, while buyers from non-EU countries completed 145. In Larnaca, EU citizens accounted for 42 transactions, while non-European buyers accounted for 121. This confirms that coastal areas continue to be the main focal points for foreign capital in Cyprus’s residential real estate market.
Overall, according to Audit Office data, 61% of real estate sales in Cyprus in 2024 were made by Cypriots, 12.07% by EU citizens, and 27.35% by citizens of non-EU countries.
In total, 15,797 real estate transactions were registered on the island in 2024, of which 4,321 involved non-European buyers. The highest share of foreign transactions was in Paphos—44.19% of all sales—followed by Larnaca—33.85%, Famagusta—26.71%, and Limassol—26.51%.
When it comes to the main groups of foreigners investing in housing in Cyprus, the market is currently shaped by several major flows. First, there are EU citizens, who are particularly active in Limassol and Paphos. Second, there are buyers from countries outside the EU, for whom Cyprus remains attractive both as a place to live and as an investment destination. Among the most prominent non-European groups in recent years are Lebanese, Israelis, Russians, and Chinese. According to the Audit Office, in the Nicosia sample for 2020–2024, the largest groups of foreign buyers were Chinese and Lebanese—16% each—followed by Russians—14%—and Israelis—10%.
More recent data presented by the Cypriot Ministry of Interior to parliament shows that between September 2024 and September 2025, British, Israeli, and Russian buyers stood out among foreign buyers. In Larnaca, Israelis purchased 850 properties, Lebanese—723, and British—302. In Limassol, Russians led with 846 purchases, followed by Israelis—571 and Greeks—261. In Paphos, the British took first place with 890 transactions, followed by Israelis with 683 and Russians with 327.
Thus, the closure of the transitional scheme for obtaining permanent residency under the old rules means one thing for foreign investors: access to the Cypriot real estate market remains, but the previous preferential terms can no longer be used.
Applications are now being accepted for the 16th International Cyprus Short Film Festival, which will take place October 10–16, 2026, in Limassol (Republic of Cyprus), according to the Ukrainian State Film Agency.
The State Film Agency noted that the festival aims to promote the art of cinema by screening short films from around the world, as well as to support the work of filmmakers and the development of contemporary cinematic language.
Short films in five categories are accepted for the international competition program: fiction, documentary, experimental, student, and animated. The duration of the films must not exceed 30 minutes.
Applications for participation can be submitted until May 2, 2026, via the online platforms ShortFilmDepot or FilmFreeway.
It is noted that the Cyprus International Short Film Festival is part of the European Film Academy’s network of partner festivals and, since 2019, has had the right to nominate one film for the European Film Academy Award.
International film festivals regularly open submissions for directors from various countries, giving young filmmakers the opportunity to present their work to the international professional community.
As reported, the Cabinet of Ministers has increased the number of deputy heads of the State Agency of Ukraine for Cinema to three.
In Cyprus from January 1, 2026, changes affecting the processing of real estate transactions and taxation on the sale of assets came into force, according to the explanations to the reform.
The key simplification for new transactions is the complete abolition of stamp duty (Stamp Duty) for sale and purchase agreements signed from January 1, 2026. Previously the levy was calculated on the value of the transaction and required separate procedures, it is now zero-rated for new contracts.
Lifetime capital gains tax deductions (CGT) have also been revised, which may reduce the taxable base for real estate sales by individuals. In particular, the limits of the personal deduction, the exemption for agricultural land and the deduction for a principal residence (subject to fulfillment of conditions and proof of documentation) have been increased. These parameters apply to contracts entered into starting in 2026.
A separate block of the reform relates to transactions involving shares in real estate companies. The threshold at which the sale of shares/shares qualifies as a real estate transaction for CGT purposes has been lowered – this increases the tax due diligence requirements for purchases of corporate shells with properties on the balance sheet.
In addition, exemptions for real estate exchange and barter schemes in development (e.g., when land is transferred to a developer in exchange for finished objects) have been extended, and control over compliance with tax procedures has been strengthened: if the parties are in arrears, transfer of ownership rights may be blocked, and Tax Clearance checks have become tougher.
According to the Department of Land and Cadastre of Cyprus (DLS), in 2025, foreign buyers (excluding Cypriot citizens) registered 7,255 sale contracts (sale contracts), of which 4,809 – buyers from outside the EU; the number of transferred objects (transfers/sales) amounted to 4,195 (2,234 – buyers outside the EU).
The top nationalities that most often appear in the “top ten” are: Russians, British, Israelis, Greeks, Romanians, Chinese, Ukrainians, Germans, Americans and Lebanese (Australians and Bulgarians are also found in Nicosia).
The Cyprus Parliament is considering initiatives that could significantly tighten the rules on property purchases by third-country nationals and foreign-controlled companies, amid discussions about housing affordability and the risks of uncontrolled land sales.
In particular, the AKEL party has submitted two bills to the House of Representatives that would introduce measurable restrictions for buyers from countries outside the EU. It is proposed to allow third-country nationals to purchase only one residential property with a size restriction (up to 200 square meters), as well as one office (up to 300 square meters) and one store (up to 200 square meters). At the same time, companies with foreign interests, according to the initiative, should be completely deprived of the right to purchase housing.
Another set of proposals concerns strengthening control over ownership structures: it is envisaged that the ultimate beneficial owner of a transaction will be required to disclose their identity in order to prevent purchases through Cypriot or European companies that are effectively controlled by non-residents from third countries.
AKEL also proposes to ban real estate purchases in areas near critical infrastructure, including ports and airports, as well as in coastal and buffer zones, and to completely ban the sale of forest and agricultural land to foreign buyers from countries outside the EU.
The party says the initiatives aim to protect the right to housing for local households, reduce pressure on prices, and take security factors into account. Discussion of the bills is expected to begin in the relevant committee after the Epiphany holidays.
Who mainly buys real estate in Cyprus
According to the audit service, in 2024, 4,321 transactions out of 15,797 (27.4%) were made by buyers from countries outside the EU, with the report noting that the actual share may be higher due to purchases through companies registered in the EU or Cyprus.
Statistics presented in parliament by Interior Minister Constantinos Ioannou for the period from September 2024 to September 2025 show that the most active foreign buyers are British, Israeli, and Russian, with notable transactions by citizens of Greece, Lebanon, and Romania. In terms of regions, for example, the British led in Paphos (890 purchases), followed by Israelis (683) and Russians (327), while in Limassol, Russians (846) and Israelis (571) were the largest buyers.
Ukrainian citizens have also appeared in the rankings of the top 10 most active real estate buyers in Cyprus in different years.
The Cypriot ambassador to Ukraine, Michalis Firillas, said that after February 24, 2022, the structure of tourism in Cyprus underwent significant changes, and many traditional sources of tourists weakened. However, the total number of tourists is growing: according to statistics, Cyprus welcomed more than 4.04 million visitors in 2024, which is 5.1% more than in 2023.
“Although the war has made some adjustments, Cyprus remains popular among Ukrainians. Tourism from Ukraine exists, and I predict that it will soon return to pre-war levels,” said Michalis Firillas, Ambassador of the Republic of Cyprus to Ukraine, during a meeting with a representative of Interfax-Ukraine.
According to the ambassador, at least 25,000 Ukrainian citizens visited Cyprus in 2024. The main convenient routes for Ukrainians are currently flights from neighboring countries, primarily Romania. “Cyprus is promoting the development of air links for Ukrainians, and in December, Wizz Air will launch a new flight from Suceava (Romania) to Larnaca (Cyprus),” he added.
Firilas expressed confidence that after the end of the war, the volume of Ukrainian tourism to Cyprus will return to pre-war levels.
Most tourists to Cyprus currently come from the UK, followed by Israel, Poland, and Germany. These countries form the core of the island’s visitor market.
Cyprus will make every effort to open negotiation clusters with Ukraine during its presidency of the European Union in the first half of 2026. This was stated by the Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.
“Accession to the European Union provides indirect security: economic, social, in terms of democratic norms and values, as well as freedoms for citizens. We will do everything possible during our presidency to open negotiations with Ukraine on clusters of European legislation,” the diplomat said.
Firillas stressed that Cyprus is working closely on this issue with Denmark and Poland, as well as with European institutions in Brussels. “We want to see progress – this is the common conclusion that unites our Polish and Danish colleagues and all relevant EU structures,” he said.
The ambassador also stressed that Cyprus clearly supports the independence, territorial integrity, sovereignty of Ukraine and its European perspective.
Commenting on the decision-making process in the EU, Firilas stressed the importance of preserving the principle of unanimity. “This is the position of many small countries. It is one of the key elements of the political process in Europe – not to hold anyone hostage, but as a mechanism for expressing national interests,” he added.
From July 1, 2025, Denmark will take over the presidency of the EU Council from Poland; it will last until the end of the year. The presidency will then pass to Cyprus.
